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Quincy City Council hears estimate on pension payments

Quincy City Council hears estimate on pension payments

1 week ago by Scott Hardy

Looking at possible $534,000 increase

The Quincy City Council got a sneak peek at how much money it will have to pay next year into the Police and Fire Pension funds.

The Council learned Tuesday night about a recommendation from a private actuarial firm it hires each year to come up with an amount. The firm's estimate was that the city increase its' contribution by $534,000 over last year. That's after the city increased its' payment by $600,000 the previous year. The city will get a second estimate from the state of Illinois before deciding which estimate to use. Funding for the pension payments come from the city's portion of property tax, which could increase after several years of staying unchanged. A final decision on pension payments and the property tax rate will be made in December. The Council also approved the naming of 2nd Ward Alderman Dave Bauer to take over as Chairman of the Aeronautics Committee. He's succeeding 3rd Ward Alderman Tom Ernst, who resigned in protest in August over the handling of finding a replacement for outgoing Quincy Regional Airport Director Terrance Ward. He's since been replaced by Sandra Shore, effective Monday.

The Council approved the final reading of an ordinance to annex 4100 Harrison Street into the city, after it was tabled for a week. The site is where the Quincy Public Schools is building one of five new K- 5 elementary schools, and is expected to open by next August.

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